KIEV, Ukraine, Aug. 24 (UPI) -- Ukraine aims to have auctions for the right to tap into its shale natural gas deposits in the not too distant future, the country's energy minister said.
Ukraine and Poland have some of the riches shale gas deposits in Europe, with Ukraine leading the way with as much as 88 trillion cubic feet of recoverable shale reserves.
Officials at state oil and gas company Naftogaz said recently that work in shale deposits could start as early as next year once contracts are signed with international oil companies.
U.S. supermajor Exxon Mobil signed a preliminary deal with Naftogaz early this year and Ukrainian Energy Minister Yuri Boiko said he was expecting shale gas auctions soon.
"I know that a number of auctions for the allocation of concession areas for the production of shale gas will be held in the near future," he was quoted by the Platts news service as saying.
He added that meetings with energy companies were to begin next month.
Ukraine is trying to strengthen its position in the regional energy sector after a series of disputes over natural gas transits with Russia.
Washington in February agreed to finance surveys of Ukraine's shale gas deposits, Platts adds.
